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交易费用的广泛存在会削弱碳市场的成本有效性。本文首先构建了一个考虑交易费用的省际碳交易机制模型,从理论层面研究交易费用与碳价、交易量等变量的均衡关系。随后,以“十二五”期间六个碳交易试点为例,从成本有效性的视角探讨交易费用对我国碳市场的影响。结论显示交易费用与均衡碳价存在正向关系、与均衡交易量间存在反向关系,每增加一单位交易费用,均衡碳价大约上升0.57元,潜在碳交易量下降0.31百万吨。交易费用的增加将会抑制参与主体的交易积极性,进而降低碳市场的成本有效性。随着边际交易费用增加,天津和上海可能会率先退出市场,特别地,当边际交易费用高达70元/吨CO_2时,碳交易市场可能失效。本研究揭示了交易费用在碳市场设计中的重要性,未来我国构建全国统一碳市场需要考虑交易费用影响。
The widespread existence of transaction costs will undermine the cost effectiveness of the carbon market. This paper first builds a provincial carbon trading mechanism model considering transaction costs, and studies the equilibrium relationship between transaction costs and carbon prices, trading volume and other variables from a theoretical perspective. Subsequently, taking the six carbon trading pilot projects during the “Twelfth Five-Year Plan” as an example, the paper explores the impact of transaction costs on China’s carbon market from a cost-effectiveness perspective. The conclusion shows that the transaction cost has a positive relationship with the equilibrium carbon price, which is inversely proportional to the equilibrium transaction volume. For each unit transaction cost, the equilibrium carbon price increases about 0.57 yuan and the potential carbon transaction volume decreases by 0.31 million tons. The increase in transaction costs will inhibit the enthusiasm of participants in the transaction, thus reducing the cost effectiveness of the carbon market. As marginal transaction costs increase, Tianjin and Shanghai may be the first to withdraw from the market. In particular, carbon trading markets may lapse when marginal transaction costs are as high as 70 yuan / tonne CO 2. This study reveals the importance of transaction costs in the carbon market design. In the future, China needs to consider the influence of transaction costs in building a unified national carbon market.